Borrowed Loan from Bank of maharashtra. $ 2,00,000 on 1st October 2019 at rate of 15% p.a. calculate Interest on Bank loan for the year 2019-20 assuming that the financial year ends on 31st March every year.
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Explanation:
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If nothing in the question is mentioned about compounding of interest as such, it is presumed that it will be a yearly compounded as such calculations of interest will be as under:-
Principal = 200000
Rate of Interest =15%
Time = 01.10.2019 to 31.03.2020 means 6 months
therefore interest will be
200000*15*6/100*12=15000.00
Explanation:
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